Kuwait's real estate prices are set through the market's supply and demand mechanism, Undersecretary of Commerce and Industry Rashid Al-Tabtabae said Monday. According to KUNA, he added interfering for determining real estate prices are not compatible with the free mechanisms or market mechanisms. He noted the state plays the role of control because there is no law that organizes the sale and purchase mechanisms.
He conveyed the tendency of consumers has changed and now Kuwaiti families are looking for ownership of ready made and luxurious flats.
These Al-Tabtabae's comments came on the sideline of opening the "Real Estate, Investment and Building Exhibition" on behalf of Kuwait's Minister of Commerce and Industry Abdallah Al-Taweel.
